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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Phoenix Motor Inc | NASDAQ:PEV | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.025 | -4.55% | 0.525 | 0.525 | 0.56 | 0.59 | 0.52001 | 0.59 | 90,914 | 17:15:22 |
Phoenix Motor Inc. (Nasdaq: PEV) (the “Company” or “Phoenix”), a leader in manufacturing of all-electric, medium-duty vehicles, today reported financial and operational results for the second quarter of 2023.
Second Quarter 2023 Financial Highlights
Recent Company Highlights
“We continue to make progress on the development and sales of our fourth-generation vehicles, which are currently undergoing validation testing here at our Anaheim facility. We expect to launch production and commercial sales during 2023,” the Company’s CEO, Xiaofeng Denton Peng commented. “We have built a tremendous order backlog and have executed multiple partnerships to further support the sales pipeline of our Gen 4 vehicles over the next several years. We are also expanding our Retrofit Solutions business and are exploring multiple additional paths to create shareholder value. We are confident in our business model and excited about our future growth prospects,” Mr. Peng continued.
Start of Production of Gen 4 Vehicles this Year
Phoenix expects to achieve SOP (start of production) of its fourth-generation vehicles for the medium-duty EV market during 2023. The Gen 4 development will provide several advantages versus the current Gen 3 models, specifically:
Gen 5 Will Offer Chassis Independence in 2024
Design, development and production planning for Phoenix’s Gen 5 vehicles will leverage on Phoenix’s experience and benefit from the development of its Gen 4 line of vehicles. Unique highlights of Gen 5 are expected to include:
Conference Call Information
Phoenix Motor Inc. will host a conference call and webcast on Tuesday, August 15th at 5:00 PM ET to discuss these results. Interested investors and other parties may access a live webcast of the conference call which will be available on the Events and Presentations page on the Investor Relations section of Phoenix’s website at https://phoenixmotorcars.com/investor-relations/events-and-presentations/default.aspx. The call can also be accessed live via telephone by dialing (888) 660-6373 or for international callers (929) 203-1975 and referencing Phoenix Motorcars.
An archive of the webcast will be available after the call on the Events and Presentations page on the Investor Relations section of Phoenix’s website, along with Company’s earnings press release.
About Phoenix Motor Inc.
Phoenix Motor Inc., a pioneer in the electric vehicle (“EV”) industry, designs, builds, and integrates electric drive systems and light and medium duty EVs and sells electric forklifts and electric vehicle chargers for the commercial and residential markets. Phoenix operates two primary brands, “Phoenix Motorcars”, which is focused on commercial products including medium duty EVs (shuttle buses, school buses, municipal transit vehicles and delivery trucks, among others), electric vehicle chargers and electric forklifts, and “EdisonFuture”, which intends to offer light-duty EVs. Phoenix endeavors to be a leading designer, developer and manufacturer of electric vehicles and electric vehicle technologies. For more information, please visit: www.phoenixmotorcars.com.
Forward-Looking Statements
This press release contains forward-looking statements, as that term is defined in the Private Litigation Reform Act of 1995, that involve significant risks and uncertainties. Forward-looking statements can be identified through the use of words such as “may," "might," "will," "intend," "should," "could," "can," "would," "continue," "expect," "believe," "anticipate," "estimate," "predict," "outlook," "potential," "plan," "seek," and similar expressions and variations or the negatives of these terms or other comparable terminology. Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect the Company's current expectations and speak only as of the date of this release. Actual results may differ materially from the Company's current expectations depending upon a number of factors. These statements are subject to uncertainties and risks including, but not limited to, the following: the Company’s ability to convert concept trucks and vans into production and sales; the Company’s product development timeline and expected start of production; development of competitive trucks and vans manufactured and sold by the Company’s competitors and major industry vehicle companies; the Company’s ability to scale in a cost-effective manner; the Company’s future capital requirements and sources and uses of cash; the Company’s ability to obtain funding for its future operations; the Company’s financial and business performance; changes in the Company’s strategy, future operations, financial position, estimated revenues and losses, projected costs, prospects and plans; the implementation, market acceptance and success of its business model; expectations regarding the Company’s ability to obtain and maintain intellectual property protection and not infringe on the rights of others; and other risks associated with managing the growth of the business, and those other risks and uncertainties that are described in the "Risk Factors" section of the Company's 2022 annual report filed on Form 10-K filed with the Securities and Exchange Commission. Except as required by law, the Company does not undertake any responsibility to revise or update any forward-looking statements.
PHOENIX MOTOR INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands, except for share and per share data June 30, 2023 December 31, 2022 (Unaudited) ASSETS Current assets: Cash and cash equivalents $382
$
139
Accounts receivable, net
1,771
1,510
Inventories
2,190
4,560
Prepaid expenses and other current assets
1,041
1,344
Restricted cash, current
250
—
Amount due from a related party
75
168
Total current assets
5,709
7,721
Restricted cash, noncurrent
—
250
Property and equipment, net
2,775
2,492
Security deposit
208
208
Right-of-use assets
3,423
3,797
Net investment in leases
217
—
Intangible assets, net
1,394
1,704
Goodwill
4,271
4,271
Total assets $
17,997
$
20,443
LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $
2,031
$
1,359
Accrued liabilities
648
650
Advance from customers
1,650
1,230
Deferred income
486
503
Warranty reserve
302
325
Derivative liability
294
—
Lease liabilities - current portion
761
719
Long-term borrowing, current portion
3
3
Total current liabilities
6,175
4,789
Lease liabilities - non-current portion
2,809
3,225
Convertible notes
1,170
—
Long-term borrowings
143
147
Total liabilities
10,297
8,161
Stockholders' Equity: Common stock, par $0.0004, 450,000,000 shares authorized, 21,291,924 and 20,277,046 shares issued and outstanding as of June 30, 2023, and December 31, 2022, respectively
8
8
Additional paid-in capital
42,209
40,836
Accumulated deficit
(34,517
)
(28,562
)
Total stockholders’ equity7,700
12,282
Total liabilities and stockholders’ equity $
17,997
$
20,443
PHOENIX MOTOR INC. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except for share and per share data) Three Months Ended June 30, 2023 June 30, 2022 Revenues $
1,158
$
1,499
Cost of revenues
1,219
1,174
Gross profit (loss)
(61
)
325
Operating expenses: Selling, general and administrative
3,100
2,290
Operating loss
(3,161
)
(1,965
)
Other income (expense): Interest (expense) income, net(2
)
(2
)
Others8
54
Total other income, net
6
52
Loss before income taxes
(3,155
)
(1,913
)
Income tax provision(22
)
(12
)
Net loss $(3,177
)
$(1,925
)
Net loss per share of common stock: Basic and diluted $(0.15
)
$(0.11
)
Weighted average shares outstanding21,261,704
17,984,615
PHOENIX MOTOR INC. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands)
Six Month ended June 30,
2023
2022
Cash flows from operating activities: Net loss(5,955
)
(4,247
)
Adjustments to reconcile net loss to cash used in operating activities: Depreciation and amortization843
855
Gain on sales-type leases
(99
)
—
Gain on disposal of fixed assets
—
(54
)
Provision for doubtful accounts10
—
Write-down of inventories
98
—
Forgiveness of PPP loan
—
(586
)
Stock-based compensation expenses146
115
Warranty reserve
(23
)
(20
)
Amortization of ROU491
—
Changes in operating assets and liabilities: Accounts receivable
(271
)
(49
)
Inventories2,002
(1,607
)
Prepaid expenses and other assets405
(3,213
)
Accounts payable672
567
Accrued liabilities
(2
)
101
Deferred revenue
(17
)
(227
)
Advance from customer420
(9
)
Lease liability(491
)
—
Amount due from related party
93
—
Net cash used in operating activities
(1,678
)
(8,374
)
Cash flows from investing activities: Proceeds from disposal of property and equipment273
—
Purchase of property and equipment
(766
)
(8
)
Proceeds from disposal of fixed assets—
273
Loan lent to a related party
(400
)
—
Proceeds from repayment from a related party
400
—
Net cash (used in) provided by investing activities
(766
)
265
Cash flows from financing activities: Repayment of borrowings
(4
)
(5
)
Proceeds from IPO—
13,438
Proceeds from capital injection by a shareholder
—
7
Proceeds from convertible notes
1,464
—
Proceeds received from standby equity purchase agreement
1,227
—
Net cash generated from financing activities
2,687
13,440
Increase in cash, cash equivalents and restricted cash
243
5,331
Cash, cash equivalents and restricted cash at beginning of the period
389
2,683
Cash, cash equivalents and restricted cash at end of the period
632
8,014
View source version on businesswire.com: https://www.businesswire.com/news/home/20230814412594/en/
Investor Relations Contact Mark Hastings, Senior Vice President & Head of Investor Relations 909-984-0815
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